The new unsecured revolving credit facility will mature in March 2023, which includes the option to extend the maturity by an additional year, and replaces Chatham’s previous $250 million senior unsecured credit facility that was scheduled to mature in 2020. Borrowing costs have been reduced by 0 to 15 basis points from comparable leverage-based pricing levels in Chatham’s previous credit facility.

At Chatham’s current leverage level, the borrowing cost under the new facility is LIBOR plus 1.65 percent.

“This refinancing further solidifies our balance sheet with only $13.8 million of debt maturing between now and 2023, reduces our annual interest costs and provides us with capacity and flexibility to pursue accretive growth opportunities,” said Dennis M. Craven, Chatham’s chief operating officer.